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CHANGE IN QUANTITY DEMANDED: The movement along a demand curve caused by a change in the price of the good. This should be contrasted directly with a change in demand. You might also want to review the terms change in quantity supplied and change in supply, as well. A change in quantity demanded means that we have identified a NEW quantity on the existing demand curve. In contrast, a change in demand means that we have changed, moved, or shifted, the entire demand curve, the whole range of prices and quantities has changed.

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Lesson 10: Gross Domestic Product | Unit 3: Two Views of GDP Page: 14 of 25

Topic: Demand and Supply <=PAGE BACK | PAGE NEXT=>

GDP can be measured in two different ways.
  • Demand-side: In a market transaction, the buyer pays a price for a good or a service based on the value of the good. This indicates that the value of GDP can be measured from expenditures.
  • Supply-side: For seller's, the revenue received from selling a good is used to pay resources--the cost of production. This indicates that the value of GDP can be measured by the resource cost of production.
  • These two sides--expenditures and resources--give us two ways of measuring GDP.
  • Each can be used to check the other.

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MARGINAL PRODUCT CURVE

A curve that graphically illustrates the relation between marginal product and the quantity of the variable input, holding all other inputs fixed. This curve indicates the incremental change in output at each level of a variable input. The marginal product curve is one of three related curves used in the analysis of the short-run production of a firm. The other two are total product curve and average product curve. The marginal product curve plays in key role in the economic analysis of short-run production by a firm.

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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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